Network 18 soars on Ambani deal talk

Even as shares in Network 18 jumped by 20 per cent on deal talks,oil and gas major Reliance Industries issued a statement denying reports that it was interested in buying a stake in the TV firm.

A Wall Street Journal report citing unnamed sources had stated that Ambani,with a personal wealth of 22.6 billion according to Forbes Magazine,is seeking to purchase a minority stake in the firm,which broadcasts CNBC,MTV and CNN in India.

Shares in the company were trading up 20 per cent at Rs 43.30 0.82 at 0920 am,0350 GMT,in a Mumbai market that was trading up 0.3 per cent.

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